“$2200 Was Likely The Ethereum Bottom” Says Pantera Capital’s Joey Krug

During the crypto market crash in January, Ethereum (ETH) price dropped below the $2,200 price level. It was Jan. 24th when ETH price went down to its lowest since July 2021. Pantera Capital’s Joey Krug believes that $2,200 ETH was likely the bottom.

Joey Krug Says $2200 was the ETH bottom?

In a recently published blog by Pantera Capital, Dan Morehead, CEO, and Joey Krug, Co-CIO have shared some useful insights into the market behavior.

He said, “Our macro view here is that crypto definitely got hit by a lot of the news surrounding the interest rate hikes that the Fed is planning. As of today, the market’s pricing in about five rate hikes—and I think a lot of that is being overplayed in crypto”.

Ethereum (ETH) went down to a low of about $2,200 or so, and if you look at the 10-year treasury, it peaked at about 1.9% and it’s kind of leveled off since then, he added

“Our view is it’s going to decouple over the next number of weeks and crypto will sort of trade independently again. It’s my personal view that $2,200 ETH was likely the bottom,” Joey Krug intended

What’s up with ETH?

In the recent update, Twitter, the social media giant, added Ethereum wallet support apart from Bitcoin as an additional payment option to its tipping feature. Now users can connect their Ethereum wallets with the platforms as well.

Meanwhile, Ethereum has been hovering around the price range of $3,000 since early February. The world’s second-largest cryptocurrency is trading at an average price of $2,996.97, down by 2.28% in the last 24 hours. ETH has registered an 24-hour trading volume of $15,462,694,592.